March 9, 2021
We are pleased to advise that on March 8, 2021, the CEO of the Financial Services Regulatory Authority (“FSRA”) issued a Notice of Intended Decision (“NOID”), proposing to consent to the distribution of surplus from the Metropolitan Toronto Pension Plan (the “Plan”), in accordance with the terms of the surplus sharing agreement between Plan members and the City. A copy of the NOID can be accessed here.
The CEO of FSRA will issue a formal Order within 30 days approving the distribution unless there are any objections. If there are objections then the objectors must request a hearing before the Financial Services Tribunal. We do not anticipate any objections and expect that the distribution will follow commencing in April or May of 2021. The City of Toronto will also be providing eligible Plan members with a letter advising them of their estimated share of surplus.
We will be posting further updates to this website as soon as further information is known regarding the final approval of the surplus distribution, and the timing for surplus distribution.